Tata Steel Regulatory News (TTST)

Standalone Financial Results for the Quarter / Year ended on 31st March 2013

PART I

`Crores

Particulars

Quarterended on31.03.2013

Quarterended on31.12.2012

Quarterended on31.03.2012

Financial Year ended on 31.03.2013

Financial Year ended on 31.03.2012

Audited

Audited

Audited

Audited

Audited

1

Income from operations

a)

Net sales / income from operations (net of excise duty)

10,602.88

9,268.19

9,375.91

37,725.46

33,614.88

b)

Other operating income

167.65

102.12

103.52

473.97

318.58

Total income from operations (net) [1(a) + 1(b)]

10,770.53

9,370.31

9,479.43

38,199.43

33,933.46

2

Expenses

a)

Changes in inventories of finished goods, work-in-progress and stock-in-trade

576.12

(242.99)

187.18

(404.60)

(220.72)

b)

Purchases of finished, semi-finished steel & other products

117.94

174.92

64.24

453.34

209.52

c)

Raw materials consumed

2,418.73

2,498.89

2,147.35

9,877.40

8,014.37

d)

Employee benefits expense

1,035.54

883.86

936.33

3,608.52

3,047.26

e)

Purchase of power

561.28

624.42

460.28

2,321.11

1,803.72

f)

Freight and handling charges

699.32

563.28

463.63

2,260.76

1,703.98

g)

Depreciation and amortisation expense

460.77

433.94

289.96

1,640.38

1,151.44

h)

Other expenses

2,057.58

2,341.75

2,228.81

8,956.66

7,838.56

Total expenses [(2(a) to 2(h)]

7,927.28

7,278.07

6,777.78

28,713.57

23,548.13

3

Profit / (Loss) from operations before other income, finance costs, exceptional items and tax [1 - 2]

2,843.25

2,092.24

2,701.65

9,485.86

10,385.33

4

Other income

474.74

35.72

182.93

902.04

886.43

5

Profit / (Loss) from operations before finance costs, exceptional items and tax [3 + 4]

3,317.99

2,127.96

2,884.58

10,387.90

11,271.76

6

Finance costs

459.42

508.98

513.96

1,876.77

1,925.42

7

Profit / (Loss) before exceptional items and tax [5 - 6]

2,858.57

1,618.98

2,370.62

8,511.13

9,346.34

8

Exceptional items :

a)

Profit on sale of non current investments

2.73

-

-

12.33

511.01

b)

Provision for diminution in value of investments/doubtful advances

(686.86)

-

-

(686.86)

-

Total exceptional items [(8(a) + 8(b)]

(684.13)

-

-

(674.53)

511.01

9

Profit / (Loss) before tax [ 7 + 8 ]

2,174.44

1,618.98

2,370.62

7,836.60

9,857.35

10

Tax expense

a)

Current tax

486.49

327.56

725.11

1,770.54

3,115.11

b)

MAT credit

(144.68)

(121.35)

-

(399.84)

-

c)

Deferred tax

523.42

366.38

85.00

1,402.93

45.82

Total tax expense [(10(a) to 10(c)]

865.23

572.59

810.11

2,773.63

3,160.93

11

Net Profit / (Loss) for the period [9 - 10]

1,309.21

1,046.39

1,560.51

5,062.97

6,696.42

12

Paid-up equity share capital[Face value `10 per share]

971.41

971.41

971.41

971.41

971.41

13

Paid up debt capital

14,411.91

12,508.50

14

Reserves excluding revaluation reserves

54,238.27

51,245.05

15

Debenture redemption reserve

2,046.00

2,046.00

16

Basic earnings per share (not annualised) - in Rupees(after exceptional items)

13.02

10.31

15.65

50.28

67.84

17

Diluted earnings per share (not annualised) - in Rupees(after exceptional items)

13.02

10.31

15.45

50.28

66.62

18

Net debt equity ratio

0.44

0.41

19

Debt service coverage ratio

1.15

1.96

20

Interest service coverage ratio

6.50

9.80

1. Paid up debt capital represents debentures, Convertible Alternative Reference Securities (CARS) and Foreign Currency Convertible Bonds (FCCB)

2. Net debt to equity: Net debt / Average net worth

(Net debt: Long term borrowings + Current maturities of long term borrowings + Short term borrowings - Cash & bank balances - Current investments)

(Net worth: Shareholders' funds+ Hybrid Perpetual Securities)

3. Debt service coverage ratio: EBIT / (Net finance charges + Scheduled principal repayments ( excluding prepayments) during the period)

(EBIT : Profit before tax +/(-) Exceptional items + Net finance charges)

(Net finance charges : Finance costs - Interest income - Dividend income from current investments - Net Gain / (Loss) on sale of current investments)

4. Interest service coverage ratio: EBIT / Net finance charges

PART II

Select information for the Quarter ended on 31st March 2013

Quarterended on31.03.2013

Quarterended on31.12.2012

Quarterended on31.03.2012

Financial Year ended on 31.03.2013

Financial Year ended on 31.03.2012

A

Particulars of Shareholding

1

Aggregate of public shareholding

Number of shares

644,961,944

646,640,774

648,608,999

644,961,944

648,608,999

% of shareholding

67.93%

67.98%

68.05%

67.93%

68.05%

2

Promoters and promoter group shareholding

a)

Pledged / encumbered

- Number of shares

20,000,000

20,000,000

10,000,000

20,000,000

10,000,000

- % of shares to total share holding of promoter & promoter group

6.57%

6.57%

3.28%

6.57%

3.28%

- % of shares to total share capital of the company

2.06%

2.06%

1.03%

2.06%

1.03%

b)

Non-encumbered

- Number of shares

284,514,362

284,514,362

294,514,362

284,514,362

294,514,362

- % of shares to total share holding of promoter & promoter group

93.43%

93.43%

96.72%

93.43%

96.72%

- % of shares to total share capital of the company

29.29%

29.29%

30.32%

29.29%

30.32%

Particulars

Quarterended on 31.03.2013

B

Investor complaints

Pending at the beginning of the Quarter

3

Received during the quarter

80

Disposed off during the quarter

75

Remaining unresolved at the end of the quarter

8

Standalone Segment Revenue, Results and Capital Employed

`Crores

Particulars

Quarterended on31.03.2013

Quarterended on31.12.2012

Quarterended on31.03.2012

Financial Year ended on 31.03.2013

Financial Year ended on 31.03.2012

Audited

Audited

Audited

Audited

Audited

Revenue by Business Segment:

Steel business

10,117.48

8,564.44

8,688.25

35,270.21

31,331.71

Ferro Alloys and Minerals

607.98

796.11

720.16

2,909.62

2,473.98

Others

546.31

494.21

537.45

2,046.98

2,002.42

Total

11,271.77

9,854.76

9,945.86

40,226.81

35,808.11

Less: Inter segment revenue

501.24

484.45

466.43

2,027.38

1,874.65

Net sales / income from operations

10,770.53

9,370.31

9,479.43

38,199.43

33,933.46

Segment results before finance costs, exceptional items and tax:

Steel business

2,889.96

2,039.18

2,810.33

9,541.53

10,276.29

Ferro Alloys and Minerals

78.64

173.02

129.19

628.24

530.45

Others

11.25

9.52

18.96

34.93

63.61

Unallocated income / (expenditure)

338.14

(93.76)

(73.90)

183.20

401.41

Total Segment results before finance costs, exceptional items and tax

3,317.99

2,127.96

2,884.58

10,387.90

11,271.76

Less: Finance costs

459.42

508.98

513.96

1,876.77

1,925.42

Profit / (Loss) before exceptional items and tax

2,858.57

1,618.98

2,370.62

8,511.13

9,346.34

Exceptional items:

Profit on sale of non current investments

2.73

-

-

12.33

511.01

Provision for diminution in value of investments/doubtful advances

(686.86)

-

-

(686.86)

-

Profit / (Loss) before tax

2,174.44

1,618.98

2,370.62

7,836.60

9,857.35

Less: Tax expense

865.23

572.59

810.11

2,773.63

3,160.93

Net Profit / (Loss)

1,309.21

1,046.39

1,560.51

5,062.97

6,696.42

Segment Capital Employed:

Steel business

31,736.78

30,413.92

26,147.62

31,736.78

26,147.62

Ferro Alloys and Minerals

260.14

351.59

195.43

260.14

195.43

Others

201.68

259.15

243.39

201.68

243.39

Unallocated

2,535.73

2,371.81

4,508.89

2,535.73

4,508.89

Total

34,734.33

33,396.47

31,095.33

34,734.33

31,095.33

Standalone Statement of Assets & Liabilities

` Crores

Particulars

As at 31.03.2013

As at 31.03.2012

Audited

Audited

A

EQUITY AND LIABILITIES

(1)

Shareholders' funds

(a)

Share capital

971.41

971.41

(b)

Reserves and surplus

54,238.27

51,245.05

Sub-total - Shareholders' funds

55,209.68

52,216.46

(2)

Share application money pending allotment

-

-

(3)

Hybrid Perpetual Securities

2,275.00

2,275.00

(4)

Non-current liabilities

(a)

Long-term borrowings

23,565.57

21,353.20

(b)

Deferred tax liabilities (net)

1,843.74

970.51

(c)

Other long-term liabilities

380.87

298.03

(d)

Long-term provisions

2,113.42

1,851.30

Sub-total - Non current liabilities

27,903.60

24,473.04

(5)

Current liabilities

(a)

Short-term borrowings

70.94

65.62

(b)

Trade payables

6,369.91

5,883.92

(c)

Other current liabilities

8,503.54

8,716.57

(d)

Short-term provisions

1,544.26

2,172.38

Sub-total - Current liabilities

16,488.65

16,838.49

TOTAL - EQUITY AND LIABILITIES

101,876.93

95,802.99

B

ASSETS

(1)

Non-current assets

(a)

Fixed assets

33,597.34

27,413.01

(b)

Non-current investments

49,984.80

49,078.35

(c)

Long-term loans and advances

6,574.15

6,301.08

(d)

Other non current assets

190.04

190.98

Sub-total - Non current assets

90,346.33

82,983.42

(2)

Current assets

(a)

Current investments

434.00

1,204.17

(b)

Inventories

5,257.94

4,858.99

(c)

Trade receivables

796.92

904.08

(d)

Cash and bank balances

2,218.11

3,946.99

(e)

Short-term loans and advances

2,207.83

1,829.25

(f)

Other current assets

615.80

76.09

Sub-total - Current assets

11,530.60

12,819.57

TOTAL - ASSETS

101,876.93

95,802.99

Consolidated Financial Results for the Quarter / Year ended on 31st March 2013

PART I

`Crores

Particulars

Quarterended on31.03.2013

Quarterended on31.12.2012

Quarterended on31.03.2012

Financial Year ended on 31.03.2013

Financial Year ended on 31.03.2012

Unaudited

Unaudited

Unaudited

Audited

Audited

1

Income from operations

a)

Net sales / income from operations (net of excise duty)

34,180.05

31,821.50

33,860.08

133,416.60

132,257.36

b)

Other operating income

470.42

285.64

138.49

1,294.94

642.34

Total income from operations (net) [1(a) + 1(b)]

34,650.47

32,107.14

33,998.57

134,711.54

132,899.70

2

Expenses

a)

Changes in inventories of finished goods, work-in-progress and stock-in-trade

2,624.29

202.63

911.07

1,418.92

(785.93)

b)

Purchases of finished, semi-finished steel & other products

3,689.40

3,949.07

5,428.51

18,473.87

21,073.43

c)

Raw materials consumed

8,754.72

9,769.22

10,224.90

40,643.46

45,457.54

d)

Employee benefits expense

4,859.28

4,737.15

4,722.10

18,918.25

17,228.64

e)

Purchase of power

1,346.81

1,443.10

1,274.34

5,554.01

4,915.45

f)

Freight and handling charges

2,031.07

1,872.20

1,761.09

7,434.27

6,659.54

g)

Depreciation and amortisation expense

1,469.56

1,462.84

1,093.07

5,575.32

4,516.65

h)

Other expenses

6,975.96

7,894.86

6,497.73

29,947.55

25,934.24

Total expenses [(2(a) to 2(h)]

31,751.09

31,331.07

31,912.81

127,965.65

124,999.56

3

Profit / (Loss) from operations before other income, finance costs, exceptional items and tax [1 - 2]

2,899.38

776.07

2,085.76

6,745.89

7,900.14

4

Other income

(67.86)

55.86

222.02

479.15

1,573.03

5

Profit / (Loss) from operations before finance costs, exceptional items and tax [3 + 4]

2,831.52

831.93

2,307.78

7,225.04

9,473.17

6

Finance costs

994.74

1,032.25

1,128.00

3,968.11

4,250.11

7

Profit / (Loss) before exceptional items and tax [5 - 6]

1,836.78

(200.32)

1,179.78

3,256.93

5,223.06

8

Exceptional items :

a)

Profit on sale of non current investments

943.13

(19.78)

-

966.03

3,361.92

b)

Provision for impairment of non-current assets

(8,355.91)

-

-

(8,355.91)

-

Total exceptional items [(8(a) + 8(b)]

(7,412.78)

(19.78)

-

(7,389.88)

3,361.92

9

Profit / (Loss) before tax [ 7 + 8 ]

(5,576.00)

(220.10)

1,179.78

(4,132.95)

8,584.98

10

Tax expense

a)

Current tax

745.54

410.10

844.45

2,325.40

3,517.65

b)

MAT credit

(148.55)

(124.44)

(0.14)

(410.12)

(5.41)

c)

Deferred tax

504.53

282.88

132.29

1,314.16

124.22

Total tax expense [(10(a) to 10(c)]

1,101.52

568.54

976.60

3,229.44

3,636.46

11

Net Profit / (Loss) for the period [9 - 10]

(6,677.52)

(788.64)

203.18

(7,362.39)

4,948.52

12

Minority interest

139.07

7.99

30.10

214.46

173.14

13

Share of profit / (loss) of associates

9.94

17.59

200.18

90.31

268.11

14

Net Profit / (Loss) after taxes, minority interest and share of profit /(loss) of associates [ 11 + 12 + 13 ]

(6,528.51)

(763.06)

433.46

(7,057.62)

5,389.77

15

Paid-up equity share capital[Face value `10 per share]

971.41

971.41

971.41

971.41

971.41

16

Reserves excluding revaluation reserves

33,200.83

41,644.81

17

Basic earnings per share (not annualised) - in Rupees(after exceptional items)

(67.69)

(8.32)

4.00

(74.54)

54.27

18

Diluted earnings per share (not annualised) - in Rupees(after exceptional items)

(67.69)

(8.32)

4.00

(74.54)

53.61

Consolidated Segment Revenue, Results and Capital Employed

`Crores

Particulars

Quarterended on31.03.2013

Quarterended on31.12.2012

Quarterended on31.03.2012

Financial Year ended on 31.03.2013

Financial Year ended on 31.03.2012

Unaudited

Unaudited

Unaudited

Audited

Audited

Revenue by Business Segment:

Steel business

32,922.08

30,254.03

32,279.51

127,620.83

127,266.50

Others

3,327.25

3,789.99

3,866.27

14,541.07

13,496.58

Unallocated

276.05

235.84

396.97

993.09

1,663.82

Total

36,525.38

34,279.86

36,542.75

143,154.99

142,426.90

Less: Inter segment revenue

1,874.91

2,172.72

2,544.18

8,443.45

9,527.20

Net sales / income from operations

34,650.47

32,107.14

33,998.57

134,711.54

132,899.70

Segment results before finance costs, exceptional items and tax:

Steel business

3,098.61

909.24

2,703.38

8,225.68

9,575.83

Others

122.27

139.23

70.79

578.15

102.21

Unallocated income / (expenditure)

618.59

249.30

2,356.28

2,201.44

4,431.65

Less: Inter segment eliminations

1,007.95

465.84

2,822.67

3,780.23

4,636.52

Total Segment results before finance costs, exceptional items and tax

2,831.52

831.93

2,307.78

7,225.04

9,473.17

Less: Finance costs

994.74

1,032.25

1,128.00

3,968.11

4,250.11

Profit / (Loss) before exceptional items and tax

1,836.78

(200.32)

1,179.78

3,256.93

5,223.06

Exceptional items:

Profit on sale of non current investments

943.13

(19.78)

-

966.03

3,361.92

Provision for impairment of non-current assets

(8,355.91)

-

-

(8,355.91)

-

Profit / (Loss) before tax

(5,576.00)

(220.10)

1,179.78

(4,132.95)

8,584.98

Less: Tax expense

1,101.52

568.54

976.60

3,229.44

3,636.46

Net Profit / (Loss)

(6,677.52)

(788.64)

203.18

(7,362.39)

4,948.52

Segment Capital Employed:

Steel business

83,556.85

86,120.76

77,632.32

83,556.85

77,632.32

Others

5,123.65

5,186.49

4,263.56

5,123.65

4,263.56

Unallocated

3,442.24

920.88

6,682.53

3,442.24

6,682.53

Inter segment eliminations

(19.94)

(491.32)

(441.49)

(19.94)

(441.49)

Total

92,102.80

91,736.81

88,136.92

92,102.80

88,136.92

Consolidated Statement of Assets & Liabilities

` Crores

Particulars

As at 31.03.2013

As at 31.03.2012

Audited

Audited

A

EQUITY AND LIABILITIES

(1)

Shareholders' funds

(a)

Share capital

971.41

971.41

(b)

Reserves and surplus

33,200.83

41,644.81

Sub-total - Shareholders' funds

34,172.24

42,616.22

(2)

Share application money pending allotment

-

-

(3)

Preference shares issued by subsidiary companies

21.21

22.43

(4)

Warrants issued by a subsidiary company

-

17.46

(5)

Hybrid Perpetual Securities

2,275.00

2,275.00

(6)

Minority interest

1,669.36

1,091.15

(7)

Non-current liabilities

(a)

Long-term borrowings

46,857.62

45,238.24

(b)

Deferred tax liabilities (net)

3,154.98

2,503.85

(c)

Other long-term liabilities

1,120.52

889.86

(d)

Long-term provisions

5,356.44

4,715.05

Sub-total - Non current liabilities

56,489.56

53,347.00

(8)

Current liabilities

(a)

Short-term borrowings

8,114.56

4,699.08

(b)

Trade payables

21,778.84

20,528.55

(c)

Other current liabilities

19,442.36

18,779.01

(d)

Short-term provisions

2,943.29

3,476.19

Sub-total - Current liabilities

52,279.05

47,482.83

TOTAL - EQUITY AND LIABILITIES

146,906.42

146,852.09

B

ASSETS

(1)

Non-current assets

(a)

Fixed assets

69,213.24

62,128.29

(b)

Goodwill on consolidation

13,064.98

17,354.61

(c)

Non-current investments

2,497.37

2,622.88

(d)

Deferred tax assets (net)

36.49

61.44

(e)

Long-term loans and advances

7,097.65

6,837.12

(f)

Other non current assets

752.54

1,039.42

Sub-total - Non current assets

92,662.27

90,043.76

(2)

Current assets

(a)

Current investments

760.29

1,398.37

(b)

Inventories

24,091.19

25,598.00

(c)

Trade receivables

13,993.96

14,878.48

(d)

Cash and bank balances

9,859.67

10,798.81

(e)

Short-term loans and advances

4,060.54

3,717.42

(f)

Other current assets

1,478.50

417.25

Sub-total - Current assets

54,244.15

56,808.33

TOTAL - ASSETS

146,906.42

146,852.09